For older taxpayers, your Individual Retirement Account can help you make year-end charitable gifts.

If you are at least age 70 ½ and are charitably-inclined, you can take advantage of a law that allows you to make charitable gift transfers from IRA accounts.  This law will “sunset” (expire) on December 31, 2009, unless it is extended by Congress.

The gift is made as a direct transfer from an IRA to the charity or charities of your choice, of any amount, up to a maximum of $100,000 for all gift transfers this year.  An IRA becomes an extra “pocket” from which to make charitable gifts in 2009

The Preservation Society of Newport County has received charitable transfers from IRAs the past two years.  Outright gifts to the Annual Fund or to a program of your choice are always needed to sustain the continuous work of historic preservation.

A few simple rules apply.  The transfer must be made directly from the IRA to The Preservation Society of Newport County (it cannot pass through you).  Charitable transfers are made from a traditional or a Roth IRA.  A gift transfer cannot be used to fund a Preservation Society charitable gift annuity agreement or for a named endowed fund.  Since the assets in an IRA have not been taxed, a charitable deduction is not allowed but neither is the amount considered as taxable income.

To get started, simply contact your IRA custodian to arrange a gift to The Preservation Society of Newport County.  Please contact the Preservation Society – also – as we want to thank you personally and match the transfer to your name when it is received.

As always, please contact your professional tax advisor for your situation before making personally significant charitable gifts.

For further information on IRA gift transfers and other creative ways of giving, please contact Jim Roehm at the Development office, (401) 847-1000 extension 142, or via this direct e-mail link: jroehm@newportmansions.org.